The Healius Ltd (ASX: HLS) share price rose 7.4% after the announcement of a takeover offer by China-based company Jangho Group.
Healius, formerly known as Primary Health Care Limited (ASX: PRY), is a healthcare business that provides pathology, diagnostic imaging, medical centres and low-cost fertility services, such as IVF. It operates across thousands of sites Australia wide.
The Healius takeover offer
According to the ASX announcement Jangho Group currently owns 15.93% of Healius.
Jangho’s unsolicited proposal for the takeover is a preliminary, non-binding indication of interest with an offer of $3.25 per share. This is still a 24% premium to the current share price of $2.62 despite the rise today and yesterday’s 9% rise.
The Healius Board has commenced an assessment of the proposal and will keep the market informed. The Board stated that it is committed to acting in the best interests of all shareholders and that it has not yet decided whether the price offered is at a level which it would recommend.
Healius described the proposal as highly conditional with the list including completion of due diligence, debt finance on acceptable terms, the unanimous recommendation of the Healius Board of Directors and Australian & Chinese regulatory approvals.
Healius has appointed UBS as financial adviser and King & Wood Mallesons as legal adviser.
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Disclaimer: Any information contained in this article is limited to general financial/investment advice only. The information has not taken into account your specific needs, goals or objectives, so please consider consulting a licenced and trusted adviser before acting on the information. Please read The Rask Group’s Financial Services Guide (FSG) for more information. This article is authorised by Owen Raszkiewicz of The Rask Group, which is a corporate authorised representative No. 1264179 of Strawman Pty Ltd (ACN: 610 908 211) (AFSL: 501 223).